Goldman Sachs faces probe over alleged Apple Card gender discrimination

NEW YORK - A Wall Street regulator is opening a probe into Goldman Sachs Group's credit card practices after a viral tweet from a tech entrepreneur alleged gender discrimination in the new Apple Card's algorithms when determining credit limits.

"The department will be conducting an investigation to determine whether New York law was violated and ensure all consumers are treated equally regardless of sex," said a spokesman for Linda Lacewell, the superintendent of the New York Department of Financial Services."Any algorithm, that intentionally or not results in discriminatory treatment of women or any other protected class of people violates New York law.

"As soon as this became a PR issue, they immediately bumped up her credit limit without asking for any additional documentation," he said in an interview."My belief isn't there was some nefarious person wanting to discriminate. But that doesn't matter.

Traditional lenders are upping their use of machines to decide who gets how much credit as part of a strategy to reduce costs and boost loan applications. Meanwhile, technology companies are moving in on the financial services industry's turf, with businesses such as Amazon, Apple, Facebook and Google offering loans and payment options.

It is BS. My spouse and I have similar incomes and credit ratings. We got the same limit

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